Revenue and Earnings - Revenue for 2023 reached $1,008.5 million, a 15.7% increase from $872.0 million in 2022[16] - Net earnings for the period were $104.6 million, a significant recovery from a net loss of $353.8 million in 2022[16] - Total revenue for 2023 was $1,008.5 million, compared to $872.0 million in 2022, reflecting a year-over-year increase of 15.6%[34] - Net earnings for 2023 were $104.6 million, compared to a net loss of $353.8 million in 2022[34] - Total revenue for Q4 2023 was $306.9 million, a 24.3% increase compared to Q4 2022's $246.2 million[153] - Net earnings from continuing operations in Q4 2023 were $91.8 million, compared to a net loss of $28.4 million in Q3 2022[153] Production and Sales - Gold produced in 2023 was 485,139 ounces, up 6.9% from 453,916 ounces in 2022[16] - Total gold production in 2023 was 485,000 ounces, within the guidance range of 475,000 – 495,000 ounces, with Q4 production increasing by 11% year-over-year to 143,166 ounces[36] - Gold sales in 2023 totaled 483,978 ounces, a 7% increase from 452,953 ounces in 2022, with Q4 sales rising by 9% to 144,827 ounces[37] - Gold ounces sold in 2023 reached 483,978, up from 452,953 in 2022, resulting in a total cash cost per ounce sold of $850, compared to $878 in the previous year[181] Costs and Expenses - Cash operating costs per ounce sold decreased to $743 in 2023 from $788 in 2022, a reduction of 5.7%[16] - Total cash costs per ounce sold also decreased to $850 in 2023, down from $878 in 2022, a decline of 3.2%[16] - Production costs rose to $478.9 million in 2023 from $459.6 million in 2022, with Q4 costs increasing to $137.6 million[39] - Cash operating costs averaged $743 per ounce sold in 2023, down from $788 per ounce in 2022, with Q4 costs at $716 per ounce[42] - All-in sustaining costs (AISC) per ounce sold increased to $1,089 in 2023 from $1,036 in 2022, and to $977 in Q4 2023 from $925 in Q4 2022[76] Cash Flow and Financial Position - Free cash flow for 2023 was $(47.2) million, an improvement from $(104.5) million in 2022[16] - Cash, cash equivalents, and term deposits increased to $541.6 million in 2023, up from $314.7 million in 2022[16] - Net cash generated from operating activities increased to $382.9 million in 2023 from $211.2 million in 2022, driven by higher revenue and lower operating costs[54] - The company's working capital as of December 31, 2023, was $639.4 million, up from $404.3 million in 2022, indicating a growth of 58.2%[141] Debt and Financing - Debt increased to $636.1 million in 2023 from $494.4 million in 2022, reflecting a 28.7% rise[16] - The company closed a €680.4 million project financing facility for the Skouries project, with drawdowns of €153.2 million ($166.7 million) completed by December 31, 2023[24] - The Term Facility for the Skouries project amounts to €680.4 million ($766.7 million), with drawdowns of €153.2 million ($166.7 million) completed by December 31, 2023[127] Capital Expenditures and Investments - The company invested $401.9 million in capital expenditures in 2023, up from $289.9 million in 2022, representing an increase of 38.6%[124] - Sustaining capital expenditures for operating sites are planned between $135 million and $160 million in 2024, focusing on underground mine development and processing improvements[59] - Growth capital investments at Skouries are expected to be between $375 million and $425 million in 2024, as the site is in its peak construction year[61] Safety and Environmental Measures - The company achieved a lost-time injury frequency rate (LTIFR) of 0.65 in 2023, a 45% improvement from 1.19 in 2022, reflecting enhanced workplace safety measures[34] - The company plans to expand the Olympias processing facility to 650 ktpa following the approval of a modification to the Environmental Impact Assessment[32] Future Outlook - Gold production is expected to increase to between 505,000 and 555,000 ounces in 2024, representing a 9% increase from 2023[58] - Total cash costs for 2024 are projected to be between $840 and $940 per ounce sold, while all-in sustaining costs (AISC) are expected to range from $1,190 to $1,290 per ounce sold[59] Impairments and Adjustments - The Certej project recorded an impairment of $394.7 million, presented as a disposal group held for sale as of December 31, 2023[115] - The company recorded a net loss of $365.4 million from discontinued operations in Q1 2022, primarily due to impairments related to the Certej project[162] Non-IFRS Financial Measures - The company continues to evaluate its non-IFRS financial measures to provide investors with improved insights into its underlying performance[167] - Free cash flow excluding Skouries is considered a useful indicator of the company's ability to generate cash from operations[171]

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, January 30th:Warrior Met Coal, Inc. (HCC) : This metallurgical coal mining company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 9.9% over the last 60 days.Warrior Met Coal’s shares gained 33.8% over the last three months compared with the S&P 500’s advance of 16.7%. The company possesses a Momentum Score  of A.World Acceptance Corporation (WRLD) ...

Eldorado Gold Corporation (EGO) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The p ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, January 26:Eldorado Gold Corporation (EGO) : This mining and mineral exploration company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11.5% over the last 60 days.Eldorado Gold Corporation has a price-to-earnings ratio (P/E) of 17.95, compared with 25.90 for the industry. The company possesses a Value Score of B.Intesa Sanpaolo S.p.A. (ISNPY ...

Joe Dick Starting in Turkiye on slide 9. At Kisladag, third quarter production was 37,219 ounces and cash operating cost of $622 per ounce sold, which represents a 17% reduction in cash costs and similar production compared to Q3 2022. IÂ'll stop there and turn it back to George for closing remarks. Cosmos Chiu So, weÂ've got a lot of confidence in our estimate. We have a lot of confidence in the work weÂ've done. We donÂ't have any critical equipment that we have any concern about. The filters was really t ...

Kışladağ, Türkiye Forward Looking Statement Definitions Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management's Discussion and Analysis dated July 27, 2023 of Eldorado Gold Corporation for the six months ended June 30, 2023 (the "MD&A"). Reporting Currency All amounts are presented in U.S. dollars ("$") unless otherwise stated. Unless otherwise specified, all tabular amounts are expressed in millions of U.S. dollars, except share, p ...

Corporate Participants Phil Yee - Executive Vice President and Chief Financial Officer Cosmos Chiu - CIBC Operator Lynette Gould They have also been filed on SEDAR and EDGAR. All dollar figures discussed today are U.S. dollars, unless otherwise stated. We will be speaking to the slides that accompany this webcast. You can download a copy of these slides from our website. After the prepared remarks, we will open the call for Q&A. At this time, we will invite analysts to queue for questions. Thanks, Lynette, ...

EX-99.1 2 ego_ex991.htm UNDERWRITING AGREEMENT EXHIBIT 99.1 EXECUTION COPY UNDERWRITING AGREEMENT May 31, 2023 Eldorado Gold Corporation Suite 1188 – 550 Burrard Street Vancouver, British Columbia, V6C 2B5 Attention: George Burns, President, Chief Executive Officer and Director Dear Sirs: BMO Nesbitt Burns Inc. ("BMO") and National Bank Financial Inc. ("National Bank"), as the lead managers and joint bookrunners (together, the "Lead Underwriters"), together with CIBC World Markets Inc., Canaccord Genuity Co ...

Eldorado Gold Corporation (NYSE:EGO) Q1 2023 Earnings Conference Call April 28, 2023 11:30 AM ET Company Participants Lynette Gould - VP, IR George Burns - President and CEO Phil Yee - EVP and CFO Joe Dick - EVP and COO Conference Call Participants Cosmos Chiu - CIBC Tanya Jakusconek - Scotiabank Mike Parkin - National Bank Kerry Smith - Haywood Securities Harmen Puri - Bank of America Securities Operator Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold First Quarter ...

Eldorado Gold Corporation (NYSE:EGO) Q4 2022 Results Conference Call February 24, 2023 11:30 AM ET Company Participants Lisa Wilkinson - Vice President, Investor Relations George Burns - President and Chief Executive Officer Phil Yee - Executive Vice President and Chief Financial Officer Simon Hille - Senior Vice President, Technical Services and Operations Conference Call Participants Kerry Smith - Haywood Securities Tanya Jakusconek - Scotiabank Mike Parkin - National Bank Operator Thank you for standing ...